McClendon was audacious as he aggressively outbid competitors on land leases and explored widely in the early 2000s, although he also drilled many wells that disappointed investors. McClendon, the company drilled across Texas, Oklahoma, Ohio, Wyoming and Louisiana. It is the latest heavily indebted oil and gas business to seek bankruptcy protection since the coronavirus pandemic crippled demand for energy. “Chesapeake will be uniquely positioned to emerge from the Chapter 11 process as a stronger and more competitive enterprise.”
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses,” said Doug Lawler, Chesapeake’s president and chief executive.
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